Oil prices are rising due to the impact of Omicron on optimism

By Mohi Narayan and Sonali Paul

NEW DELHI (Reuters) – Oil prices rose for the third straight session on Thursday due to positive developments in COVID-19, as China imposed new travel restrictions and Australia reintroduced restrictions to deal with the rise.

West Texas Intermediate (WTI) crude futures rose 10 cents or 0.1% to $ 72.86 a barrel at 0625 GMT after a 2.3% jump in the previous session.

futures also gained 8 cents, or 0.1%, to $ 75.37 a barrel, up 1.8% from the previous session.

Wednesday’s big gains were partly higher than last week’s stock of stocks was expected.

“The direction of oil depends entirely on omicron holders, and as long as they remain more polluting but not so virulent, oil rallies may continue, with internal liquidity increasing the day-to-day intervals,” said OANDA senior analyst Jeffrey Halley. a note.

The United States has allowed it tonight Pfizer Inc (NYSE:) COVID-19 Anti-Virus Pill for People Over 12, the first oral and home treatment as well as a new tool against the rapidly spreading Omicron variant.

Meanwhile, a South African study suggested that those infected with Omicron were much less likely to end up in hospital than those with the Delta Delta.

A weaker U.S. dollar boosts oil markets as it makes products cheaper for those with other currencies. The dollar fell to a one-week low after Wednesday’s data showed U.S. consumer confidence improved more than expected in December.

The rise in oil prices has come, although governments have imposed a number of restrictions to slow down the expansion of Omicron. The Chinese city of Xian on Wednesday ordered its 13 million people to stay at home, while Scotland set restrictions on gathering from December 26 for three weeks, and two Australian states reinstated mask orders as cases escalated.

The market has ruled out the potential impact of a reduction in fuel demand, as the Organization of the Petroleum Exporting Countries (OPEC), Russia and its allies, jointly known as OPEC +, have opened their doors to review a plan to add 400,000 barrels a day. supply in January.